New Life Capital Corp. | KPMG | CA

New Life Capital Corp.

New Life Capital Corp.

Creditor and stakeholder information

Creditor and stakeholder information

New Life Capital Corp., New Life Investments Inc. and various related companies

On December 17, 2008 KPMG Inc. was appointed by the Ontario Superior Court of Justice as Receiver and Manager of New Life Capital Corp., New Life Investments Inc. and various related companies.

Receiver's Update - April 2016

The Receiver has posted below, under Court Documents and Receiver’s Reports respectively, its motion record returnable May 3, 2016 and its Twelfth Report to the Court dated March 31, 2016 to, among other things, provide an update on the status of the proceedings, seek the Court’s approval of a distribution of funds to certain of the Advantage Investors, as defined in the Twelfth Report and approve the discharge of the Receiver in respect of the Advantage Companies, as defined in the Twelfth Report. The Receiver anticipates there will be no further distributions to investors/creditors in these proceedings.

Receiver’s Update – December 23, 2014 

With reference to the Receiver’s update of September 17, 2014, on November 12, 2014 the Bahamian Court of Appeal granted the “Defendants” leave to appeal and extended the stay of proceedings.

Receiver’s Update – September 19, 2014

On September 17, 2014, the Supreme Court of the Commonwealth of The Bahamas (the “Bahamian Court”) rendered its decision with respect to the Receiver’s application, heard on March 4, 2014, for Summary Judgment against Pogachar, Lombardi and certain Bahamian companies controlled by Pogachar and Lombardi (collectively, the “Defendants”). The Bahamian Court ruled in favour of the Receiver but also, in an oral ruling, imposed a stay of proceedings for 21 days and granted the Defendants leave to appeal to the Court of Appeal of The Commonwealth of The Bahamas. The Receiver has been advised by counsel that the Defendants have 14 days to file a Notice of Appeal. The Court of Appeal could extend the stay of proceedings.

A copy of the Judgment dated September 17, 2014 is posted below under Court Documents.

Receiver’s Update – July 11, 2014

The Receiver has posted an update below under the section Notices to Stakeholders. The Update addresses, among other things, the status of the Portfolio, the Bahamian legal proceedings, Other Assets and Criminal Charges laid in Canada against Jeffrey Pogachar and Paola Lombardi.

Receiver's Update Re Bahamian Legal Proceedings - July 24, 2012

On July 19, 2012, the Court of Appeal of The Bahamas held its final hearing with respect to the Receiver's appeal of the Ruling made by Justice Adderley on November 30, 2011. The Court of Appeal rendered its decision on July 19th and found in favour of the Receiver. Accordingly, the Ruling of Justice Adderley has been set aside in its entirety. The Receiver is conferring with its counsel regarding next steps, including the process to realize on the Bahamian Condo. 

Receiver's Update re Bahamian Legal Proceedings and Appeal of OSC Decision and Sanctions - June 20, 2012

The Court of Appeal of The Bahamas heard further arguments on June 19, 2012 with respect to the Receiver's appeal of the decision rendered by Justice Adderley of the lower Court on November 30, 2011. The matter was not completed on June 19th and was adjourned until July 19, 2012.

Pogachar and Lombardi have initiated an appeal of the decision and Sanctions Order issued by the Ontario Securities Commission. Copies of the original Notice of Appeal dated June 14, 2012 and the Amended Notice of Appeal dated June 20, 2012 have been posted on this site under Court Documents. 

Receiver’s Update re Bahamian Legal Proceedings – May 24, 2012

The Court of Appeal held the re-scheduled hearing on May 22, 2012 at which time the Receiver’s oral submissions were heard. For procedural reasons, the hearing was not completed and the Court adjourned the matter until June19, 2012. In the interim, it is expected that the Respondents will submit additional written materials and that the Receiver’s Bahamian counsel will have the opportunity to submit responding materials.

Receiver’s Update Re Bahamas Legal Proceedings and Ontario Securities Commission Ruling – March 30, 2012

In the Receiver’s Notice to Stakeholders dated February 14, 2012, the Receiver advised, among other things, that: (i) the Court of Appeal of The Bahamas was scheduled to hear the Receiver’s appeal on March 6, 2012; and, (ii) the Receiver had entered into an interim stay agreement with Pogachar and Lombardi which was to be in effect for two months or until the appeal is decided. At the Court appearance on March 6th, the Court of Appeal did not hear arguments on the merits and adjourned the hearing until May 22, 2012. The interim stay agreement remains in place pending the outcome of the appeal.

On January 20, 2012, the panel of the Ontario Securities Commission (“OSC”), which had conducted a hearing in December 2011with respect to allegations against Pogachar and Lombardi, rendered its Oral Decision. On January 26, 2012, a written transcript of the Oral Decision was released. Further details on this development were described in the Receiver’s Update re OSC Decision which was posted below under date of January 30, 2012. The Oral Decision was to be supported by written Reasons For Decision, to be released in due course. On March 28, 2012, the panel released its Reasons For Decision and a copy of that document is posted on this website under “Ontario Securities Commission Documents”. 

Receiver's Update re Bahamian Legal Proceedings - February 14, 2012

The Receiver has posted, under Notices to Stakeholders, a detailed Update with respect to developments in the Bahamian  legal proceedings.

Ontario Securities Commission Documents

Sanctions Order Against Pogachar and Lombardi [PDF 146 KB] - May 17, 2012

OSC's Reasons For Decision [PDF 1.39 MB] - Mar 28, 2012

Sales Process – 2011

Confidentiality Agreement and Acknowledgement [PDF 133 KB] - Aug 18,2011

Terms and Conditions of Sale [PDF 56 KB] - Aug 18, 2011

Offer Form [PDF 27 KB] - Aug 18, 2011

Claims Procedure

Cover Letter to Unprocessed Investors re Claims Procedure [PDF 556 KB] - Sep 25, 2009

Cover Letter to Class A Shareholders re Claims Procedure [PDF 508 KB] - Sep 24, 2009

Cover Letter to Creditors re Proof of Claim [PDF 308 KB] - Sep 23, 2009

Proof of Claim form - Investors [PDF 612 KB] - Sep 23, 2009

Proof of Claim form - Creditors [PDF 544 KB] - Sep 23, 2009

Communications From Representative Counsel

Notice to Investors [PDF 7 KB] - Nov 10, 2011

Notice to Investors [PDF 11 KB] - Nov 8, 2011

Recording of Investor Conference Call - Part 1 [MP3 5.16 MB] - Nov 7, 2011

Recording of Investor Conference Call - Part 2 [MP3 5.17 MB] - Nov 7, 2011

Letter to Investors [PDF 2 MB] - Nov 2, 2011

Notice and Application re Investor Panel [PDF 2.09 MB] - Sep 23, 2009

Court Documents 

Order re-Vacant Possession [PDF 61 KB] - April 12, 2017

Amended Order re Bahamian Condo [PDF 156 KB] - April 12, 2017

Order re Bahamian Condo [PDF 68 KB] - April 6, 2017

Affidavit of Nicholas Brearton filed on the 6th February, 2017 [PDF 7 MB] - Feb 6, 2017

Court of Appeal Judgment re Pogachar and Lombardi - October 26, 2016 [PDF 36 KB] - Oct 26, 2016

Endorsement [PDF 439 KB] - May 3, 2016

Order of the Honourable Mr. Justice Newbould [PDF 2.37 MB] - May 3, 2016

Receiver's Motion Record returnable May 3, 2016 [PDF 6.50 MB] - April 27, 2016

Bahamian Court Summary Judgment Against Pogachar, Lombardi et al [PDF 1.4 MB] - September 17, 2014

Court Order re Approval of Sale Of Security Life Policy and other matters [PDF 192 KB] - June 5, 2013

Court Order re Approval of Sale of AGI Policy and other matters [PDF 172 KB] - Feb 26, 2013

Endorsement of Justice Lederer re Decision on Security for Costs [PDF 156 KB] - Dec 12, 2012

Ontario Court Order re Security for Costs for Appeal of OSC Decision [PDF 40 KB] - Dec 12, 2012

Bahamian Statement of Claim against Pogachar, Lombardi, et al [PDF 5.35 MB] - Nov 28, 2012

Certificate of Bahamian Court of Appeal [PDF 241 KB] - July 19, 2012

Court Order re Service of Statement of Claim on J. Pogachar [PDF 552 KB] - July 4, 2012

Receiver's Motion Record returnable July 4, 2012 re Substituted Service [PDF 2.59 MB] - June 28, 2012

Amended Notice of Appeal filed by Pogachar and Lombardi re OSC Decision and Sanctions [PDF 60.2 KB] - June 20, 2012

Notice of Appeal filed by Pogachar and Lombardi re OSC Decision and Sanctions [PDF 49 KB] - June 14, 2012

Court Order re OSC Sanctions Order and other relief [PDF 229 KB] - June 11, 2012

Receiver's Motion Record for motion on June 11, 2012 re Sanctions Order [PDF 3.60 MB] - May 31, 2012

Court Order re OSC Ruling of Fraud against Pogachar and Lombardi [PDF 155 KB] - Jan 24, 2012

Bahamian Court Ruling re Receiver's Request for Leave to Appeal and a Stay [PDF 219 KB] - Dec 21, 2011

Receiver's Certificate re Completion of the Sale of the Pacific Life Policy [PDF 72 KB] - Dec 8, 2011

Bahamian Court Decision re Principals' Challenge of Recognition Orders [PDF 1113 KB] - Nov 30, 2011

Court Order re Approval of Receiver's Fees [PDF 58 KB] - Nov 29, 2011

Court Order re Approval of Representative Counsel's Fees [PDF 1089 KB] - Nov 29, 2011

Court Order obtained by Representative Counsel re Investor Panel matters [PDF 59 KB] - Nov 15, 2011

Endorsement of Campbell, J re Nov 14, 2011 Court Order [PDF 41 KB] - Nov 14, 2011

Court Order re Approval of Sale of Pacific Life Policy and other matters [PDF 183 KB] - Nov 14, 2011

Affidavit in Support of Canadian Counsel's fees to September 30, 2011 [PDF 139 KB] - Nov 9, 2011

Affidavit in Support of Receiver's Fees to September 30, 2011 [PDF 324 KB] - Nov 8, 2011

Affidavit in Support of Bahamian Counsel's Fees to Nov 7, 2011 [PDF 117 KB] - Nov 8, 2011

Court Order re Approval of Sale of Fort Erie Property [PDF 211 KB] - Aug 19, 2010

Court Order re Approval of MassMutual Settlement #2 [PDF 82 KB] - Jun 14, 2010

Court Order re Approval of MassMutual Settlement #1 [PDF 57 KB] - Apr 22, 2010

Court Order to Extend Receivership Over Fort Erie Property [PDF 120 KB] - Apr 6, 2010

Court Order to Extend Receivership Over Maserati [PDF 561 KB] - Mar 24, 2010

Bahamian Recognition Order re Ontario Receivership Extension Order made on March 16, 2010 [PDF 902 KB] - Mar 19, 2010

Court Order to Extend Receivership over Specific Assets [PDF 172 KB] - Mar 16, 2010

Court Order to Compel Gowling Lafleur Henderson LLP to Disclose Certain Information [PDF 80 KB] - Mar 16, 2010

Bahamian Recognition Order re Amendment made on March 5, 2010 to Jan 22, 2010 Ontario Order [PDF 567 KB] - Mar 15, 2010

Court Order re Amendment of Jan 22, 2010 Order [PDF 82.4 KB] - Mar 5, 2010

Bahamian Direction Order [PDF 554 KB] - Feb 25, 2010

Court Order re Unsealing Prior Orders and Materials [PDF 49.7 KB] - Feb 18, 2010

Amended Bahamian Court Order re Injunctive Relief [PDF 167 KB] - Feb 12, 2010

Amended Court Order re Extension of Receivership to include Bahamian Entities (previously sealed) [PDF 120 KB] - Jan 22, 2010

Court Order re Pogachar/Lombardi and Offshore Funds (previously sealed) [PDF 66.4 KB] - Jan 12, 2010

Court Order re Authorization to Trace Offshore Funds (previously sealed) [PDF 327 KB] - Sep 18, 2009

Court Order re Approval of Investor Panel [PDF 112 KB] - Sep 8, 2009

Court Order re Approval of Realization Plan [PDF 245 KB] - Sep 8, 2009

Court Order re Approval of Claims Procedure [PDF 1.08 MB] - Sep 8, 2009

Representative Counsel's Motion Record for motion on September 8, 2009 [PDF 96 KB] - Sep 2, 2009

Receiver's Motion Record for motion on September 8, 2009 [PDF 248 KB] - Sep 1, 2009

Endorsements of Campbell, J re Proverian Agreement and Representative Counsel [PDF 158 KB] - Jun 4 , 2009

Court Order re Appointment of Representative Counsel [PDF 227 KB] - Jun 4 , 2009

Court Order re Approval of Proverian Agreement [PDF 141 KB] - May 29, 2009

Receiver's Motion Record for motion on May 29, 2009 [PDF 2.07 MB] - May 20, 2009

Endorsement of Campbell J - dated March 18th [PDF 1214 KB] - Mar 18, 2009

Court Order [PDF 223 KB] - Mar 18, 2009

Receiver's Motion Record for motion on March 18, 2009 [PDF 2 MB] - Mar 12, 2009

Receivership Appointment Order [PDF 508 KB] - Dec 17, 2008

Notices to Stakeholders

RCMP - Notice to Investors [PDF 274 KB] - December 4, 2016

Notice to Stakeholders - Receiver's Update [PDF 757 KB] - July 11, 2014

Receiver's Update [PDF 61 KB] - Mar 4 2014

Receiver's Update - Re Life Settlements Portfolio and Other Matters [PDF 61 KB] - Aug 27 2012

Notice to Stakeholders - Receiver's Update re Bahamian Proceedings [PDF 103 KB] - Feb 14, 2012

Receivers Update - OSC Decision [PDF 61 KB] - Jan 30 2012

Receiver's Update - Re Life Settlements Portfolio and Other Matters [PDF 61 KB] - Aug 27 2012

Receivers Update [PDF 59 KB] - Nov 14 2011

Update from Representative Counsel [PDF 53 KB] - Nov 10 2011

Receiver's Update Fee Approvals [PDF 57 KB] - Nov 9 2011

Update from Representative Counsel [PDF 55 KB] - Nov 8 2011

Update for Representative Counsel [PDF 56 KB] - Nov 3 2011

Receiver's Update [PDF 64 KB] - Nov 2 2011

Notice to Advantage Program Investors [PDF 671 KB] - Oct 31, 2011

Notice to Stakeholders - Receiver's Update [PDF 954 KB] - Mar 17, 2011

Notice to Stakeholders - Status Update [PDF 179 KB] - Jun 1, 2010

Notice to Stakeholders - Receiver's Update [PDF 158 KB] - Feb 22, 2010

Notice to Stakeholders - Status Update [PDF 239 KB] - Jun 30, 2009

Notice to Stakeholders re May 29, 2009 motion [PDF 430 KB] - May 14, 2009

Notice to Shareholders re Receiver's First Report [PDF 451 KB] - Mar 20, 2009

Notice to Shareholders [PDF 590 KB] - Feb 9, 2009

Notice to Shareholders [PDF 430 KB] - Jan 21 , 2009

Receiver's Reports 

Twelfth Report to the Court [PDF 4.30 MB] - April 27, 2016

Eleventh Report to the Court [PDF 4.33 MB] - May 31, 2013

Tenth Report to the Court [PDF 4.28 MB] - Feb 21, 2013

Second Supplemental Report to the Eighth Report to the Court [PDF 147 KB] - Nov 10, 2011

Ninth Report to the Court [PDF 154 KB] - Nov 8, 2011

Eighth Report to the Court - Part 1 [PDF 2197 KB] - Oct 31, 2011

Eighth Report to the Court - Part 2 [PDF 3356 KB] - Oct 31, 2011

Eighth Report to the Court - Part 3 [PDF 2027 KB] - Oct 31, 2011

Eighth Report to the Court - Part 4 [PDF 1616 KB] - Oct 31, 2011

Seventh Report to the Court- re sale of Fort Erie Property and Vehicles (Part 1) [PDF 517 KB] - Aug 9, 2010

Seventh Report to the Court - re sale of Fort Erie Property and Vehicles (Part 2) [PDF 517 KB] - Aug 9, 2010

Seventh Report to the Court - re sale of Fort Erie Property and Vehicles (Part 3) [PDF 517 KB] - Aug 9, 2010

Seventh Report to the Court - re sale of Fort Erie Property and Vehicles (Part 4) [PDF 1.7 MB] - Aug 9, 2010

Seventh Report to the Court - re sale of Fort Erie Property and Vehicles (Part 5) [PDF 1.9 MB] - Aug 9, 2010

Sixth Report to the Court - re MassMutual Settlement #2 [PDF 1.57 MB] - Jun 7, 2010

Fifth Report to the Court - re Mass Mutual Settlement #1 [PDF 1.3 MB] - Apr 16, 2010

Fourth Report to the Court - Part 1 [PDF 2.09 MB] - Sep 2, 2009

Fourth Report to the Court - Part 2 [PDF 2.18 MB] - Sep 2, 2009

Third Report to the Court [PDF 1.08 MB] - May 28, 2009

Second Report to the Court [PDF 7.99 MB] - May 20, 2009

First Report to the Court [PDF 590 KB] - Mar 12, 2009

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